Looks pretty good to me, i'd have to see it in person of course.
The million dollar question is: is this a barn find or has it been sitting in a field. If in a barn, or garage, then maybe. If it sat in a field then probably not.
If the frame was really nice, the wiring harness was in good shape and it cranked but did not start it might not be a bad deal at $3500 especially if not rusty in other areas or has nice seats, dash and is not missing anything off the motor. If I was in the market and all of the things I usually look at were solid, I might pay more. Even if it does not run, you can still run a compression test, check the tie rods, drive shafts, steering box, center arm, drag link, wheel bearings, play at the e brake drum, check to see if the ebrake works, look at the fluid in the cases and axles, check the oil for water, see if the tank is full of crap and rusted up, check all of the brake lines and fuel lines, check the frame in the very rear and where the inner and outer frames are riveted together at the area in front of rear springs, check the front frame horns for being bent or other signs of crash, etc, stock carb and exhaust manifolds, smog gear, jack, etc
If you are mechanically inclined, it might not be a bad truck but if not it could be very expensive to drop off at a mechanic with carte blance to fix anything wrong with it.
I once paid $5000 for a truck very much like this but it was a documented one owner, low mileage truck. It had complete service records, it was recently serviced and had been driven recently. Had very minor rust. Owner said it ran terribly and then died. I drained the gas into an oil container, put in fresh gas and it ran great. It also had one bad plug wire. I fixed all of the stuff wrong with it, drove it for a year and then sold it for twice as much once it was all sorted out. All I did was fix one little rust hole in the floor and take off all the pep boys crap.
Odds are though that there are lot of things wrong it and it may in fact not be a good deal. Go take a good hard look, give yourself a few hours and let us know what you find!